June, 2021 – Issue No. IV

GST

CBIC issues notifications to levy concessional rate of CGST/IGST/UTGST on Covid-19 relief supplies till 30th September 2021.

Composite supply of works contract – a structure meant for funeral, burial or cremation of deceased – CGST at 2.5% to be levied upto 30.09.2021.

CBIC issues clarifications as per the recommendations of the 43rd GST Council Meeting:

  1. Food supply to educational institution and anganwadi is exempted from GST;
  2. Annuity (deferred payments) paid for construction of roads is taxable (Entry No.23A of exempted Notn No.12/2017-CT (Rate) Dt.28.06.2017);
  3. Any  fee  or  any  amount  charged  by  Central or State Boards ( including the  boards  such  as  NBE) for conduct of examinations including entrance examinations is exempted from GST;
  4. Works contract service provided by way of construction of rope  way  for  tourism development shall attract GST of 18%;
  5. Service by way of milling of wheat into flour or of paddy into rice to Govt is taxable and attracts GST 0f 5%;
  6. Supply   of   service   by   State   Govt.   to   their undertakings or  PSUs  by  way  of  guaranteeing  loans is specifically exempted from GST;
  7. Supply of parts of Sprinklers or Drip Irrigation System, when they are supplied separately (i.e.  not  along  with  entire  sprinklers or  drip  irrigation  system) classified under HSN 8424 would attract GST of 12%,  even  if supplied  separately.
DGFT

The export of Injection Remdesivir and Remdesivir Active Pharmaceutical Ingredients (API) – restricted.

The export of Remdesivir Injections/API against the Advance Authorizations will not require a separate authorisation/ permission.

Cashew Export Promotion Council of India’s powers to issue/renew RCMCs for products falling under their jurisdiction are suspended and APEDA is designated as the agency authorized to issue RCMCs for Cashew Kernels, Cashewnut Shell Liquid and Kardanol. However, RCMCs already issued by Cashew Export Promotion Council of India shall remain valid for the rest of their validity period.

COMPANIES ACT

The Companies (Indian Accounting Standards) Amendment Rules, 2021 issued.

Fees of Rs.1000/-to be levied for delay in applying for inclusion/renewal of name in the databank of Independent Directors.

Companies (Meetings of Board and its Powers) Rules, 2014 – Rule 4 – Matters not to be dealt with in a meeting through video conferencing or other audio visual means – omitted.

The Indian Tax Advisors